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Demand from Construction Industry Drives the Paints & Coatings Market: M&M

Published on 2017-05-30. Author : SpecialChem

MarketsandMarkets reports that the paints & coatings market is projected to grow from USD 160.54 Billion in 2017 to USD 209.36 Billion by 2022, at a CAGR of 5.45% during the forecast period.

Demand from Construction Industry Drives the Market

paints and coatings market
Demand from Construction Industry Drives the
Paints & Coatings Market: M&M

Rising demand from the construction industry is driving the growth of the paints & coatings market. Increasing demand from automotive, general industrial, marine, coil, wood, aerospace, rail, and packaging coatings is expected to further fuel the growth of the paints & coatings market during the forecast period.

Acrylic Segment Accounted for a Major Share

Acrylic resins are preferred over other resins as they offer good plasticizer resistance, excellent solvent resistance, high flexibility, and impact resistance. They also offer excellent color, high gloss, and retention of performance properties at high temperature.

Water-based Segment Accounted for Largest Share

By technology, the water-based segment accounted for the largest market share in 2016. The large share of this segment can be attributed to the various properties of water-based paints & coatings, such as less flammability, low VOC emissions, stable viscosity, and environment friendliness, among others.

Architectural Segment - The Largest Market

Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings. Architectural coatings also find application in decorative interiors such as wall paintings, wood flooring, sculptures, and furniture. With the growing population and increasing migration of population to the developed nations, the construction industry is estimated to develop substantially in the coming years.

The Asia-Pacific Paints to Grow at the Highest CAGR

The Asia-Pacific paints & coatings market is projected to grow at the highest CAGR during the forecast period. Asia-Pacific is a rapidly expanding paints & coatings market, owing to the growing economy and increasing middle-class population. This is driving the demand for many building and industrial materials, including paints and coatings. The increasing number of residential and commercial buildings due to rising population and urbanization mainly in China and India are expected to drive the market during the forecast period.

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Source: M&M
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